According to CryptoQuant, Bitcoin hit a significant milestone around March 2024 and is now on the upward path towards the peak of the ongoing bull market.

This firm, with a strong focus on cryptocurrency market analysis, has shared its latest findings which indicate that Bitcoin's trading volume—tracked over a period of six to twelve months—serves as a vital indicator of capital movement during market fluctuations. Their research suggests that this volume metric tends to align with larger market trends. CryptoQuant As articulated by the firm's analyst, Crypto Dan, this specific volume ratio frequently sees an initial drop, hinting that the nascent phase of a bull market might be concluding. Following ongoing activity, this ratio tends to decline again—often dropping below the prior decrease—which suggests that the bullish cycle might be drawing to a close. This trend, observed in previous market cycles, provides a useful framework for understanding current price movements.

The analyst highlighted that in March 2024, Bitcoin seemed to hit a pivotal transitional point. Moving forward from this juncture, it appears that the cryptocurrency is on a journey towards what could potentially be the height of the current bull market, though the exact timing and circumstances are influenced by various market factors and investor confidence.

Bitcoin is currently maintaining a position close to $84,000 as the market stabilizes, but Glassnode has cautioned about a possible bearish reversal.

The market is now going through a stage of consolidation, following a time of intense volatility. As of the latest updates, Bitcoin's value is roughly $84,538, showing a slight rise of 1.10% over the last day. The trading activity within that period reached highs of $84,603 and lows of $81,302, showcasing a session that, while stable, remained dynamic.

Per CoinMarketCap, the total global crypto market capitalization is at $2.7 trillion, representing a modest uptick of 0.90% over the previous day. Nevertheless, total market trading volume has shown a significant drop, decreasing by 29.93% to $91.24 billion during the same period.

Analysts are currently evaluating whether this phase of consolidation will pave the way for a resurgence of bullish activity or trigger a deeper market correction. Some professionals predict potential new peaks for Bitcoin in the coming months, while others advise caution, citing indicators that could point to a shift in market sentiment.

Market participants are now closely watching Recently, a well-known digital asset analytics firm has pointed out a particular technical pattern that could signal the start of a bear market. optimistic outlook 'An on-chain analog to the 'death cross' has been observed. The 30-day volume-weighted price of Bitcoin has fallen below the 180-day metric, which signals a reduction in momentum. Historically, this pattern has preceded bearish trends lasting from three to six months,' the firm noted in its latest market review.

Please be aware that the content on this page should not be considered as legal, tax, financial, or any type of investment advice. It is recommended to only invest what you can afford to lose, and to seek independent financial guidance if necessary. For additional details, we advise checking the terms and conditions or help resources provided by the issuer or advertiser. MetaversePost is committed to delivering precise and unbiased journalism, but market conditions can shift unexpectedly. Glassnode Alisa, a committed journalist at Cryptocurrencylistings, focuses on the realms of cryptocurrency, zero-knowledge proofs, investments, and the broadening field of Web3. With a sharp eye on emerging trends and technologies, she offers in-depth coverage aimed at informing and engaging audiences in the rapidly developing landscape of digital finance.

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